Deliver Your News to the World

PSE 9-month profit up 28 pct to P719M

The Philippine Stock Exchange (PSE) posted a 28.1 percent year-on-year increase in its net income for the first nine months of the year to Php718.96 million due to robust gains in its listing-related income.

Operating revenues from the January to September period came in at Php1.19 billion, higher by 18.7 percent from the same period a year ago. Listing-related income, which accounted for 42.9 percent of operating revenues, soared 79.1 percent as listing fees from IPOs and additional listings grew. Trading-related income, which made up 18.5 percent of operating revenues, dipped by 8.3 percent due to lower transaction fees. Total value turnover slipped to Php1.54 trillion as of September 2014 from Php1.99 trillion in September 2013. Data feed income and subscriptions fees rose by 13.4 percent and 42.4 percent respectively to reduce losses in trading-related income.

“We are pleased with the company’s performance in the first nine months. We expect capital raising activity to remain brisk in the last few weeks of the year with the number of IPOs and follow on offerings lined up,” said PSE President and CEO Hans B. Sicat.

Total expenses was up by 14.9 percent to Php413.19 million on higher operational expenses.

“The year is drawing to a close but we remain focused on what needs to be accomplished based on our targets this year,” Mr. Sicat added.

The groundwork for the new trading system powered by NASDAQ OMX’s X-stream Trading Technology is on schedule to meet the May 2015 schedule to go live.

On the corporate governance front, the PSE held its 2014 Bell Awards ceremony last November 10 with the recognition of five listed companies and six trading participants. The PSE was also one of the recipients of the Outstanding Company on Corporate Governance award given by Hong Kong-based quarterly journal Corporate Governance Asia in October 2014. It was also among the finalists in the Corporate Governance Company of the Year category of the Asia CEO Awards.

The PSE remains to be among the top performing markets in the region. On September 25, the index climbed to an all-time intraday high of 7,413.62. Year to date, the PSEi is up 22.5 percent.